The U.K.’s financial services regulator has raided eight addresses in London as part of an operation working with police and tax authorities to disrupt illicit crypto activity and prevent possible financial crime risks.
United Kingdom
Posted inArtificial Intelligence
U.K. joins global trend for AI-enabled regulatory supervision
The U.K. financial regulator is expanding its remit and planning to deploy AI to manage its increased workload. This is part of a global trend and has significant compliance implications.
Posted inRegulatory Policy
U.K. banking regulator focuses on accountability, governance and data while relaxing reporting cycles
The U.K. banking regulator is shifting its focus to rigorously monitoring outcomes, rather than adding rules, and this is driving investment in oversight functions.
Posted inBanking
FCA sets out plans for industry to compensate 12.1 million for car finance scandal
Over 12 million customers are eligible for compensation after being ripped off by car finance firms that racked up fees by arranging inflated interest rates for loan repayments and denied people the chance to seek better deals.
Posted inAccounting & Auditing
U.K. audit regulator launches new supervisory model, but wider audit reform questions remain
The U.K. audit regulator has announced a major “evolution” of its audit supervisory model, promising to introduce a more proportionate, effective, and integrated framework.
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
Posted inRegulatory Policy
EU and U.K. asset managers must adapt for T+1 settlement now to start testing in 2027
On Oct. 11, 2027, the EU, U.K., and Switzerland will move to T+1 securities settlement. The date may seem distant, but the challenges are considerable.
Posted inRisk Management
Geopolitical risks and global threats drive emerging national security compliance teams
Geopolitical uncertainty is becoming the defining feature of the decade, and global powers are increasingly using geo-economic power to promote national interest and defend their critical interests. Meanwhile, cross-border threats to critical infrastructure are becoming more varied and powerful. Multinational companies, consultants, and global law firms are responding by setting up dedicated national security teams. […]
Posted inBanking, United Kingdom
U.K. Parliament Scraps ‘Burden of Proof’ for Bankers
It’s official—bankers won’t have to worry about being held accountable for misconduct on their watch. Earlier this week, the U.K. Parliament’s Treasury Committee made a last-minute change to abandon the “burden of proof” rule for bankers. In other words, while bankers will have to fulfill their statutory duty of responsibility, it will be up to the regulators to determine that the necessary steps were taken to prevent wrongdoing.
